Lee & Associates-LA North/Ventura Transacts Sale of Thousand Oaks Boulevard Shopping Center

Thousand Oaks Boulevard Specific Plan Provides Impetus for Increased CRE Activity

 

THOUSAND OAKS, CA- Dec. 15, 2015-  A Thousand Oaks Boulevard multi-tenant strip center and separate residence consisting of five parcels and 4,730 square feet of commercial space located at 757-763 Thousand Oaks Blvd and 732 Greenwich Drive, has sold to a private investor for $2,050,000, according to Agent Cheri Blessing of Lee and Associates-LA North/Ventura, Inc. as representative for both the buyer and seller. Blessing will also be leasing one vacant space containing approximately 730 square feet in the center on behalf of the buyer.

“We are currently seeing improved activity on the three-mile strip of Thousand Oaks Boulevard located between Moorpark Road and Duesenberg Drive related to the passage of the Thousand Oaks Boulevard Specific Plan in 2011,” Blessing said. “The Plan allows ‘mixed use’ development on properties facing the boulevard while allowing the relaxing of some regulations such as parking requirements and building height. Although the buyer has no current plans to do a redevelopment, the plan gives investors a lot of incentive going forward and that has attracted attention in the area. The buyer has previously purchased investment properties in the greater Los Angeles area, but sees the great potential in owning property in Thousand Oaks.”

In approving the plan, city officials envisioned mixed use developments in response to the citizens, the Thousand Oaks Blvd Association, community groups and local businesses’ desire to make the boulevard a place to live, shop, and become more pedestrian friendly. The effects on traffic, infrastructure and utilities will be minimally affected and has been studied extensively over the past several years by experts, city staff and community groups. Both small and big businesses have been demanding more local housing for their employees and mixed use answers that need. 

It is known that at least three developers are seeking approvals for mixed use projects within the Specific Plan as well as other types of recent renovations, restaurants, medical and many other types of business start-ups.